LISLE, Ill. – Navistar has posted a Q3 loss of US$34 million on revenues of $2.1 billion.
That’s compared to a Q3 loss of $28 million last year. Excluding one-time adjustments, including $19 million of pre-existing warranty charges, Navistar posted EBITDA of $132 million versus $129 million in the same quarter last year.
Revenues of $2.1 billion were down 18% from the same quarter a year ago, due to softer Class 8 truck sales. The company reduced costs year-to-date by more than $300 million.
“This quarter’s results show that we continue to make progress in the face of tougher market conditions, particularly in the heavy segment,” said Troy A. Clarke, Navistar president and chief executive officer. “As we pursue our goal of market share growth, we do see some encouraging signs in the area of order share, where year-to-date share of new orders continues to be up for the past three quarters. We are confident that as the industry works through its near-term challenges, particularly in Class 8, our improvements in order share will translate to improved retail share as well.”
Navistar made a splash earlier this week, announcing a strategic alliance and partial sale to Volkswagen Truck & Bus. The company says the alliance will help it offer customers expanded access to leading edge products and services through collaboration on technology and the licensing and supply of Volkswagen components.
“We are making significant investments in new products, services and technologies and partnerships that set us apart as the leader in uptime and a company clearly focused on our customers’ needs,” Clarke said. “This company is well positioned – operationally and product and service wise – to capitalize as market conditions improve.”